Investing.com -- Piper Sandler assumed coverage of Roku (NASDAQ:ROKU) and The Trade Desk (NASDAQ:TTD) with Neutral ratings on both stocks, highlighting strong positions in connected TV (CTV) but taking a cautious stance amid mixed ad market signals and macro risks.
For Roku, Piper set a $65 price target, noting the company’s leadership in CTV, consistent financial outperformance, and growing viewership share.
We see much to like with Roku, analysts wrote, citing an 82% year-over-year rise in Roku Channel viewing hours and an eight-quarter streak of beats on revenue and gross profit.
However, Piper remains on the sidelines for now, citing concerns over ad market volatility, tariffs, and losses in Roku’s devices and smart home segments.
“We’re sidelined but are looking for an open jump shot,” the note said.
On The Trade Desk, Piper also initiated with a Neutral rating and $55 target.
The firm noted TTD’s strategic positioning in CTV and retail media, and its strong technology partnerships.
But a disappointing Q4 earnings miss and what Piper called an “opportunistic reset” in guidance temper the near-term view.
“We worry this could take 1–2 more quarters to realign,” the analysts wrote.
While both companies benefit from the secular shift from linear to digital TV, Piper said it is waiting for cleaner entry points, citing mixed monthly ad buyer data and ongoing macro uncertainty.